First edition of this work, which is written as a 'sequal' to The economic consequences of the peace, which was printed in 1920 and was based on a literal interpretation of the Treaty of Versailles. In this most important sequal, Keynes argues that, not alone will it be nearly impossible to go through with the treaty, the fulfillment of it will also have disastrous consequences. The work turned out to be prophetic, as it foresaw the rise of revolutionary governments, and the fact that no country would live up to the Treaty; Germany paid nothing near the amount bestowed upon her, and neither that country nor the other European nations received the economic assistance needed to create a healthy democratic economy. The disorder and revolutionary feelings foreseen by Keynes led to a Germany run by Hitler and an Italy run by Mussolini.
It is probably due to the prophetic character of the work that it still remains a classic of economics and historical studies, but it also had direct political consequences; the work was used by the United States in justifying the rejection of the Treaty of Versailles and thereby a League of Nations.